I call this a classic casual look, although by today's standards I could wear this outfit to an audience with royalty. But to me, an outfit like this is the perfect thing for running around the city with a toddler during the day time. I feel well put together, but comfortable, and not so precious as to constantly fear having my clothes destroyed by said toddler. Plus, the extra pockets afforded by a sport coat are always welcome when I've got a child with me. They're good for carrying napkins, lollipops and juice boxes.
The blessing and curse of good men's clothing is that it never changes. This can lead to boredom, but constraints often give birth to creativity. Given the simplicity and staying power of the classic items, there's really no reason for any man not to look well on a regular basis. "I was just out running errands with the kids" is not an excuse for laziness of appearance.